First Mills releases 2023 annual report in collaboration with Argaam

First Milling Company (First Mills), a market-leading player in the Kingdom's milling industry, has released its annual report for 2023. The report highlights the company's achievements and milestones in operational activities, as it stands as the first local milling company to be listed on the Saudi Stock Exchange.

The Company is involved in the production of flour, animal feed, bran, and high-quality flour derivatives. It also plays a crucial role in achieving food security in the Kingdom, aligning with the strategies of regulatory authorities and its own objectives in line with the goals of Saudi Arabia's Vision 2030. By the end of 2023, the Company's revenue increased by approximately 5.5% to SAR 964.3 million, compared to SAR 913.6 million during the same period in 2022.

Commenting on the release of the annual report, Tariq AlMutlaq , Chairman of the Board of Directors of First Milling Company, stated, "In our 2023 annual report, we have demonstrated the Company’s high resilience in leveraging all available opportunities. This includes expanding the scope of our operations and production capacity, as well as innovating new high-quality products. These efforts have contributed to diversifying our product mix and portfolio, creating additional sources of income, and fulfilling our commitment to sustainable growth and investment value for all our esteemed shareholders.

 Mr. AlMutlaq added that First Mills shall continue executing its strategy and plans related to innovating excellent products and developing integrated solutions to meet the needs of our clients, thereby enhancing the Company’s leading position in the local market.

Meanwhile, Abdulwahab Zarah , Investor Relations Director at First Milling Company, stated, '2023 marked a significant milestone in the Company’s history, witnessing a prominent shift in its journey from a closed joint-stock company to a public joint-stock company. Proudly, it became the first Saudi milling company to be listed on the Saudi capital market.

He also emphasized that during the preparation of the Company’s annual report for 2023, we focused on ensuring compliance with all relevant regulatory requirements for disclosure, as stipulated in Article 87 of the Corporate Governance Regulations issued by the CMA. This included the preparation of the Form 8, and adherence to the Implementing Regulations of the New Companies Law for Listed Joint Stock Companies, as well as other related laws and instructions. Additionally, the team was dedicated to applying the best practices in annual report preparation set forth by the Middle East Investor Relations Association (MEIRA). Collaborating with the Argaam team, we aimed to deliver a distinguished report that reflects the Company's unwavering commitment to enhancing transparency and disclosure standards.   

The Board’s annual report is considered one of the essential sources of information for investors, aiding in the identification of investment opportunities within companies and bolstering confidence in making investment decisions. The First Mills report is accessible to everyone, and a copy can be viewed by accessing the Company’s profile on Tadawul website or by visiting our dedicated Investor Relations page on the Company’s website," Mr. Zarah added.     

Furthermore, Mustafa Al Saleh, Public Relations Manager at Argaam, stated that Argaam team diligently monitored and analyzed all of the Company’s efforts in 2023 to ensure the accurate reflection of relevant facts about the Company to investors and shareholders through its annual report."

The report was prepared according to the highest standards, adhering to the relevant regulations issued by regulatory authorities in the Kingdom.